Davao City mayor, Chinese envoy pursue trade cooperation

February 5, 2020 | 7:56 pm

AMID the current ban on direct flights between China and the Philippines due to the novel coronavirus (nCov), Davao City Mayor Sara Duterte-Carpio and Chinese Consul General Li Lin met Tuesday to discuss continued trade cooperation and opportunities. The city government, in a press statement, said among the items discussed is the possible entry of a Chinese sports brand manufacturer and food processor. The statement also quoted Mr. Lin as having told the mayor that his office has encouraged Chinese food processors to hold future acitivites in the city, which is being promoted as a major meetings, incentives, conventions and expositions (MICE) destination. Ms. Duterte, for her part, urged the Davao City-based envoy to convince Chinese companies to source their raw materials from the city, particularly agriculture commodities. Davao-Jinjiang and Davao-Hong Kong flights, served by Xiamen Air and Cathay Pacific, respectively, have been canceled following the national government’s ban on all flights to and from China and its special administrative regions. — Carmelito Q. Francisco

Nationwide round-up

February 5, 2020 | 7:56 pm

Honasan may be summoned for Senate inquiry on DICT fund

FORMER SENATOR GREGORIO B. HONASAN II — *BW FILE PHOTO*

FORMER SENATOR Gregorio B. Honasan II, who now heads the Department of Information and Communications Technology (DICT), may be summoned for the proposed Senate inquiry over alleged irregularities in the agency’s confidential funds. Recently resigned undersecretary Eliseo M. Rio, Jr., who was acting DICT chief before Mr. Honasan, left his post over the disbursement of confidential funds for purposes undisclosed to him. Mr. Rio also asserted that DICT appropriations do not include confidential or intelligence funding, considering intelligence operation is not within its mandate. “Once the resolution that Senate President Sotto and I filed early this week is adopted and the oversight committee is reconstituted, we will meet to decide on the way forward,” Senator Panfilo M. Lacson said in a statement on Wednesday. “We both think Sec. Honasan deserves the opportunity to give his side amid all the insinuations aired by his close friend, Usec. Rio,” Mr. Lacson said. The DICT, meanwhile, said its use of the P300-million confidential fund was “legitimate.” In a statement on Wednesday, the department said, “The Confidential Expense allocated in the 2019 GAA was legitimately used for cybersecurity and the protection of our national security, with the safety of our government’s information facilities and institutions, and the welfare of our people, being the Department’s utmost priority. Rest assured that proper procedures were followed, and the disbursements were regular in accordance with applicable accounting and auditing laws, rules, and regulations.” — Charmaine A. Tadalan and Arjay L. Balinbin

SC allows online legal education

THE SUPREME Court is allowing the conduct of the Mandatory Continuing Legal Education (MCLE) online, it announced Wednesday. The court has also approved the rules and regulations for the online MCLE. “The onset of computer technology made it necessary to adopt current trends of learning and it is relevant with the changing times that an alternative mode of delivery of the MCLE be made available to members of the Bar through online and on demand MCLE,” the high court said. Under Rule 1, Section 1 of Bar Matter No. 850, all members of the Integrated Bar of the Philippines are required to take continuing education to “keep abreast with the law and jurisprudence, maintain the ethics of the profession and enhance the standards of the practice of law.” The online MCLE, which has long been practiced in other jurisdictions, would particularly cater to the needs of those in the provinces and far-flung areas as well Filipino lawyers based abroad. The approved rules contain the requirements and responsibilities of accredited MCLE providers and those taking the program. — Vann Marlo M. Villegas

De Lima appeals case vs Duterte

DETAINED SENATOR Leila M. de Lima has asked the Supreme Court to reconsider the dismissal of her petition to stop President Rodrigo R. Duterte from violating her rights, saying it twisted the doctrine of “presidential immunity.” In a 20-page motion for reconsideration, Ms. De Lima noted that previous decisions of the court distinguished presidential acts “done in performance of official duties and those that did not” regarding the application of presidential immunity. The senator also said that the resolution gives Mr. Duterte “a blanket license to slut-shame, discriminate, insult, offend, and bad mouth petitioner’s womanhood” for as long as he sits as the chief executive. Her petition for writ of habeas corpus, asking to enjoin the President to stop collecting information on her private life and delete the information about her, among others, was dismissed on grounds of presidential immunity. Ms. De Lima has been detained since February 2017 over charges of conspiracy to commit illegal drug trading in prison when she was the Justice secretary. — Vann Marlo M. Villegas

Nation at a Glance — (02/06/20)

February 5, 2020 | 7:50 pm

News stories from across the nation. Visit www.bworldonline.com (section: The Nation) to read more national and regional news from the Philippines.

Asian Development Bank launches ADB Ventures, investing in impact tech startups

February 5, 2020 | 4:19 pm

Last January 31, Asian Development Bank (ADB) launched ADB Ventures, a venture capital arm for tech-based startups that contribute to the achievement of the United Nations Sustainable Development Goals (SDGs).

Its anchor trust fund, ADB Ventures Investment Fund 1, aims to reach $50 million and will accept contributions from multiple sources such as bilateral development partners.

Focusing on the Asia-Pacific region, ADB Ventures will prioritize investment in early-stage startups and those that address climate change and promote women empowerment. Throughout the duration of its 17-year fund life, investments will also be made in fintech, agritech, and healthtech solutions.

The anchor fund will also be augmented by a two-pronged, three-year, $12 million technical assistance program. ADB Ventures SEED, a grant program, will be dedicated to validation of tech pilots and expansion into seemingly risky emerging markets. On the other end, ADB Venture Lab, a suite of corporate innovation programs, will forge partnerships with industry leaders and accelerators for startups.

“This region is brimming with technology solutions to conserve energy, reduce waste, fight climate change, and deliver public services effectively,” said Mike Barrow, ADB’s Director General for Private Sector Operations. “ADB Ventures will help bring these solutions to market by leveraging our extensive operational networks and filling the risk capital gap facing innovative early-stage companies in developing Asia and the Pacific, particularly smaller and frontier markets.”

ADB Ventures Investment Fund 1 is expected to begin operations in the second quarter of 2020.

Factory output falls for 13th straight month in December

February 5, 2020 | 12:56 pm

INDUSTRIAL PRODUCTION extended its declining streak to the 13^th straight month in December, the Philippine Statistics Authority (PSA) reported this morning.

Preliminary results of the PSA’s latest Monthly Integrated Survey of Selected Industries showed factory output – as measured by the volume of production index – contracting by 10.1% in December versus the declines of 7.8% in November 2019 and 9.3% in December 2018.

For full-year 2019, the factory output slump averaged 8.6% compared to the 7.1% growth average in 2018.

The Nikkei Philippines Manufacturing Purchasing Managers’ Index (PMI), which uses a different set of variables, increased to 51.7 in December from 51.4 in November. A reading above 50 signals improvement in business conditions from the preceding month, while a score below that point indicates deterioration.

The report noted production of eight out of 20 industry groups fell in December, namely: petroleum products (-47.9%); basic metals (-47.9%); furniture and fixtures (-30.4%); miscellaneous manufactures (-10.5%); textiles (-9.1%); transport equipment (-3.4%); rubber and plastic products (-1.2%); and paper and paper products (-1.1%).

Average capacity utilization – the extent by which industry resources are used in the production of goods – was estimated at 84.4% with 12 of the 20 sectors registering capacity utilization rates of at least 80%. — Jobo E. Hernandez

January inflation picks up, fastest in eight months

February 5, 2020 | 12:10 pm

The overall year-on-year pace in the prices of widely used goods picked up for the third straight month in January by its fastest pace in eight months, the government reported this morning.

Preliminary data from the Philippine Statistics Authority (PSA) showed headline inflation at 2.9% last month, picking up from the 2.5% pace in December, albeit still slower than the 4.4% inflation rate in January 2019.

The January inflation result marked the fastest pace in eight months or since the 3.2% reading in May 2019.

The latest headline figure is higher than the 2.7% median in a BusinessWorld poll conducted late last week and falls within the 2.5-3.3% estimate given by the Bangko Sentral ng Pilipinas (BSP) for January and 2-4% for the year.

Core inflation, which discounted volatile prices of food and fuel, stood at 3.3% in January, picking up from 3.1% the previous month and the fastest since the 3.5% in May 2019.

“The heavily-weighted food and non-alcoholic beverages index, which registered an annual increment of 2.2% [from 1.7% in December 2019], primarily contributed to the uptrend of inflation in January 2020,” the PSA said in a statement.

The PSA also noted higher annual increases in the following commodity groups: alcoholic beverages and tobacco (19.2% from 18.4% in December 2019); clothing and footwear (2.7% from 2.6%); housing, water, electricity, gas, and other fuels (2.5% from 1.9%); transport (3% from 2.2%); recreation and culture (1.5% from 1.4%); and education (4.7% from 4.6%).

The food-alone index also posted an inflation rate of 2.1%, an increase from December 2019’s 1.7%.

Likewise, the PSA reported preliminary figures for inflation as experienced by low-income families for January. That month, inflation for the bottom 30% of income households grew 2.6%, faster than the 2.1% in December, but slower than the 4.9% in January 2019.

The consumer price index (CPI) for the bottom 30% reconfigures the model basket of goods in order to reflect the spending patterns of the poor. This compared to the headline CPI which measures inflation as experienced by the average household.

This also marked the first time the bottom 30% CPI used 2012 prices as the base year. Prior to the rebasing, the bottom 30% CPI used 2000 prices. — Carmina Angelica V. Olano

Sun Life Asset Management brings back “Make It Mutual” campaign

February 5, 2020 | 7:46 am

Sun Life Asset Management Company, Inc. (SLAMCI) is bringing back its highly successful investor education campaign dubbed “Make It Mutual,” in a bid to encourage more Filipinos to make mutual funds their choice of investment, as they strive to achieve their financial goals.

“SLAMCI has been working hard to make investing more accessible and affordable to investors, and our latest initiatives will be featured in the latest ‘Make It Mutual’ campaign,” SLAMCI President Valerie Pama said. “Moreover, we hope to promote a long-term mindset when it comes to their financial journey, so they can fully enjoy the benefits of their investments.”

At the center of the new “Make It Mutual” campaign is a series of four digital videos which will highlight the ease of investing, where one can now open an account online through the Sun Life portal or mobile app for only P1,000; the importance of choosing the right fund so that it suits the investor’s personality and priorities; and the need to invest regularly for the long-term in order to stay on track one’s financial goals.

The campaign, which will be released on social media so it may be easily accessed and shared by viewers, will once again feature SLAMCI brand ambassador Matteo Guidicelli.

“I’m excited to once again be a part of the campaign,” Guidicelli said. “As somebody who invests in mutual funds and have personally experienced its benefits, I’m eager to advocate it so that more Filipinos will try it for themselves.”

“Make It Mutual” is one of SLAMCI’s many offerings this 2020, as the company marks its 20th anniversary.

“It has been a fruitful 20 years of being the Filipinos’ partner in their pursuit of prosperity,” Pama said. “Through ‘Make It Mutual’ and our other initiatives, we reiterate our commitment to our investors, and look forward to serving them for more years to come.”

SLAMCI remains to be the largest non-bank affiliated asset management company in the country, with PHP 80 billion in Assets Under Management (AUM) as of January 10, 2020. The company manages 10 peso-denominated funds and five 5 dollar-denominated funds, which are distributed by over 2,500 Licensed Mutual Fund Advisors nationwide, ten bank partners including BDO Private Bank, EastWest, and Maybank, and six brokers namely COL Financial Philippines, First Metro Securities Brokerage Corporation, AB Capital Securities, Inc., Rampver Financials, Unicapital Securities, Inc., and Wealth Securities, Inc.

For more details on SLAMCI’s upcoming offerings, follow @SunLifePH on Facebook, Twitter, and Instagram, and visit sunlifefunds.com.

GDP growth could slow on outbreak

February 5, 2020 | 12:33 am

By Beatrice M. Laforga Reporter
and Luz Wendy T. Noble

PHILIPPINE economic growth could slow this quarter as factory closures in China, which is battling a coronavirus outbreak that has killed hundreds and sickened thousands more, hit the global supply chain, according to Mitsubishi UFJ Group (MUFG) Global Research.

“Growth momentum in the manufacturing sector may slow in the near term as the factory closures in China are expected to affect the supply chain network,” the company said in an e-mailed note.

Finance Secretary Carlos G. Dominguez III said the government would keep its 6.5% to 7.5% growth target this year despite the coronavirus outbreak in China and Taal Volcano’s eruption last month.

“While these developments might slightly restrain our economic expansion, these threats are not enough to force a dramatic reduction in our growth estimates,” he told a Senate hearing on the coronavirus.

The economy grew 5.9% last year, the slowest in eight years and missing the government’s minimum goal of 6%. Lackluster growth of 5.6%, 5.5%, and 6% was posted in the first three quarters after lawmakers failed to approve the national budget on time.

ELECTRONICS WATCHED

“In the immediate term, the temporary closures of factories in China and possible disruption in global supply chains may cause a temporary, slight decline in our exports, particularly of electronics and auto parts,” Mr. Dominguez said.

Electronics export growth could come in at three percent this year, from a preliminary projection of five percent which the Semiconductor and Electronics Industries of the Philippines, Inc. (SEIPI) adopted in a Jan. 29 board meeting, if the widening outbreak is not curbed soon, SEIPI President Danilo C. Lachica said in a mobile phone message.

The Philippine electronics industry exports and imports electronic parts to and from various countries including China. Mr. Lachica said the electronics industry exports 30% of its products to China and Hong Kong. He added that 40% of the industry’s imports are from China, Taiwan and Hong Kong.

Electronic product exports hit $36.48 billion in the 11 months through November last year, up 2.555% annually and accounting for 56.5% of the country’s merchandise exports for that period.

The same period saw sales abroad of semiconductors or component parts reaching $26.77 billion, up 1.864% on the year and making up 73% of electronic products sold overseas and 41.46% of all Philippine goods shipped abroad.

Combined exports from China and Hong Kong accounted for the bulk of total exports in the 11-month period, with 13.6% and 13.5%, respectively, after the United States with 16.3%, preliminary data from the Philippine Statistics Authority (PSA) showed.

TOURISM MARKET
MUFG said the Philippine tourism sector would be hit hard by the virus outbreak.

The Philippines has seen an influx of Chinese visitors since President Rodrigo R. Duterte started boosting trade and investment ties with China.

“The main driving force of growth in the first half of 2020 would then be construction, bolstered by the government’s massive spending on infrastructure,” according to the note.

Mr. Dominguez said the tourism sector could be hit amid a travel ban on foreigners from China, Hong Kong, and Macau.

He said yearly tourist arrivals dropped by 1.3% to 1.9 million when the severe acute respiratory syndrome (SARS) outbreak hit in 2003.

The number rebounded the following year, with tourist arrivals surging by 20% to 2.3 million in 2004, he added.

Security Bank Corp. Chief Economist Robert Dan J. Roces said the Philippines has “lower trade risks compared with our neighbors.”

“In terms of regional supply chains, Hong Kong, South Korea and Vietnam are the most exposed,” he said in a separate note.

Mr. Roces said gross domestic product (GDP) could lose $300 million or 0.1% for every quarter from tourism and external trade losses alone. Other vulnerable sectors include airlines, gaming, lodging and leisure, he added.

Meanwhile, ING NV-Manila Senior Economist Nicholas Antonio T. Mapa said consumption might be affected as Filipinos cut mall visits because of the coronavirus scare.

“Fewer trips to the malls or shorter stays at shopping centers mean less spending as window shopping is avoided and cups of coffee are now for takeout,” he said in an e-mailed note.

“An unconscious or conscious shift in spending patterns may result in slightly weaker consumption followed by a lackadaisical recovery in investment as consumers and corporates await more clarity on the developments related to the bug,” he added.

On Tuesday, the second coronavirus death outside China was reported in Hong Kong, after the first one in the Philippines.

The outbreak has killed more than 400 people and infected more than 20,000 globally, mostly in China, Reuters reported, citing data from the World Health Organization. — with Jenina P. Ibañez

Gov’t raises record P311B from RTBs

February 5, 2020 | 12:32 am

THE Bureau of the Treasury (BTr) raised a record P310.8 billion from its sale of retail Treasury bonds (RTBs) that ended on Tuesday, two days ahead of the original schedule, following strong demand from investors.

In a text message on Tuesday, National Treasurer Rosalia V. de Leon said P250 billion was raised from “new money” and P60.8 billion from the exchange offer program.

Ms. De Leon said the amount raised during the offer exceeded the previous record-high RTB issuance worth P255 billion in 2017, as well as last year’s P235.935 billion.

The BTr ended its offer period for the RTBs, which began on Tuesday last week, Jan. 28, two days ahead of the original closing date of Feb. 6. It only accepted tenders for both new money and the exchange offer program component of the RTB sale until 4 p.m. yesterday.

Ms. De Leon said they decided to cut the offer period as they had already reached their target volume.

The Treasury awarded P134 billion worth of three-year RTBs at the rate-setting auction for the papers on Jan. 28 out of total bids worth P149.827 billion. This was almost five times the initial offer of P30 billion, prompting the government to upsize the acceptance.

The papers were quoted at a coupon of 4.375%, higher compared to the 4.25% coupon fetched for the three-year RTBs issued in April 2017 or RTB 3-08.

Proceeds from the issue will be used for general budgetary purposes including the state’s critical infrastructure projects and social services.

The Development Bank of the Philippines and Land Bank of the Philippines are the joint lead managers for the government’s 23^rd RTB offering.

The two state-run banks were also part of the joint issue managers, which include BDO Capital & Investment Corp., BPI Capital Corp., China Bank Capital Corp., First Metro Investment Corp., PNB Capital and Investment Corp., RCBC Capital Corp. and SB Capital Investment Corp.

The BTr also held an exchange offer program wherein bondholders of the RTB 3-08 issued in 2017 which will mature this April were allowed to exchange the old papers for the latest RTB issue.

Around 20-30% of the total investor pool of the Treasury’s retail government securities — such as RTBs and Premyo bonds — are individual investors, Ms. De Leon earlier said.

The government has a P1.4-trillion borrowing program for this year. Of this total, it is looking to source 75% from the local market, while the remaining 25% will be borrowed from external sources. — Beatrice M. Laforga

8 insurers, NHMFC charged for anti-competitive deals

February 5, 2020 | 12:31 am

THE Philippine Competition Commission’s Enforcement Office (PCC) has charged a pool of insurers and state-led secondary mortgagor for entering into anti-competitive agreements that cornered a type of insurance offered to borrowers for nearly four decades.

In a statement, the PCC’s investigative and prosecutorial arm found that eight insurance companies have been “exclusively and indefinitely” providing mortgage redemption insurance (MRI) to borrowers whose loans have been assumed by the National Home Mortgage Finance Corp. (NHMFC).

The MRI ensures that outstanding loans will be settled in the event of the borrower’s death.

NHMFC, as the secondary mortgagor, manages mortgage loan portfolios that are originated by banks, housing developers, and other primary lenders that offer loans for low-cost housing.

Borrowers whose home loans have been assumed by the secondary mortgagor obtain an MRI as a form of security.

The PCC said the exclusive arrangement “deprived NHMFC and the housing loan borrowers of choosing MRI coverage from other providers which may offer better terms and conditions at lower premium rates.”

The Enforcement Office charged Beneficial Life Insurance Co., Inc.; Country Bankers Life Insurance Corp.; First Life Financial Co., Inc.; Fortune Life Insurance Co., Inc.; Manila Bankers Life Insurance Corp.; Philippines International Life Insurance Co., Inc.; The Manufacturers Life Insurance Co. (Phils), Inc.; and the United Life Assurance Corp. for violation of Section 14 of the Philippine Competition Act (PCA).

Also charged were the pool’s executive committee members Ignacio A. Macrohon, Jr., Daniel M. Mercado, Jr., Jaime M. Santiago, and Evelyn T. Carada as they administered the agreements.

The PCC said the executive committee facilitated the exclusive agreements that the insurance pool enjoyed without any competitive constraints for 40 years.

“Any insurance company wishing to offer MRI to NHMFC is effectively required to go through the pool, thereby foreclosing competition in the relevant market. Additionally, the agreements cannot be terminated by mere notice, aggravating their foreclosure effect,” it said.

BusinessWorld sought comment from the NHMFC, Beneficial Life, Country Bankers, First Life Financial and Fortune Life, but no response was given as of press time.

The PCC’s enforcement office began an investigation after the NHMFC asked the commission to review its agreements with the insurance pool “Pag-IBIG MRI Pool” while the PCA was still in its two-year transition period.

The NHMFC previously attempted to terminate the agreements, but faced legal challenges from the pool of insurers.

PCC’s enforcement office filed its statement of objections on Dec. 27, 2019, stating that the exclusive agreements resulted in “poor service, unfavorable premium rates, and lack of options to the detriment of the beneficiaries of the MRI coverage.”

The statement of objections is the Enforcement Office’s complaint against the respondents, which will be heard and decided by the PCC.

Under the PCA, entities may face an administrative fine of up to P100 million if found to have entered into anti-competitive agreements. — Jenina P. Ibañez

Asian central banks face rate cut pressure

February 5, 2020 | 12:30 am

CENTRAL BANKS in Asia face increasing calls to cut interest rates as they jump into action against a spiraling coronavirus crisis that’s hammering tourism, travel and confidence across the region.

The People’s Bank of China trimmed some interest rates Monday and injected massive liquidity into the financial system to shore up slumping markets. Indonesia’s central bank said it was taking “bold” steps to bolster the nation’s currency and bonds.

Asia — set to see the worst spillovers from the virus due to its dependence on Chinese demand and tourists — boasts a handful of central banks that have space to ease monetary policy in a world of rock-bottom interest rates.

On Tuesday, Australia kept interest rates unchanged as the labor and property markets’ strength gives the central bank room to wait and see how badly the economy will be hit by a slump in China’s growth.

Next up is Thailand, where there are growing calls for a move Wednesday, but no consensus estimate so far that a cut is coming. By contrast, a reduction is expected Thursday in the Philippines, which has reported the first death from the coronavirus outside China.

India — which on the weekend announced a budget that underwhelmed those hoping for more stimulus — also sets policy Thursday. A recent spike in inflation is expected to keep the central bank sidelined, but some economists think it will have to act at coming meetings to spur a faltering economy.

Growth risks are accelerating as China enforces strict travel curbs and airlines around the world suspend service to the mainland. Bloomberg Economics estimates that even if the virus outbreak were severe but short-lived, China’s first-quarter GDP growth would hit a record low 4.5%. UBS Group AG’s China economist, Tao Wang, predicts a slump to 3.8%.

“The downside risks to growth have increased substantially in the short-term, especially for the more tourism-oriented countries like Thailand,” said Priyanka Kishore, head of India and Southeast Asia research at Oxford Economics Ltd. in Singapore.

Even before the virus spiral, manufacturing gauges signaled a shaky start to the year as the US-China trade agreement failed to boost sentiment. South Korea’s purchasing managers index — a key barometer of global demand — fell to 49.8 in January from 50.1 in December.

In Thailand, restrictions on Chinese travel have hammered the tourism industry, which makes up about one-fifth of the economy. Growth was already taking a hit from drought and government spending delays, with the central bank last week signaling it may cut its 2.8% forecast for economic growth this year.

“The central bank needs to do something to help shore up confidence now,” said Burin Adulwattana, chief economist at Bangkok Bank Pcl. “We used to think the revenue stream from tourism will help drive the economy this year while other engines are weak. Now that engine is gone. One cut may not be enough this year depending on the severity of the pandemic.”

Bank Indonesia, which cut interest rates four times last year, stepped up intervention in the bond and currency markets Monday to stem losses in the rupiah. Deputy Governor Dody Budi Waluyo said the bank is open to further policy action as it assesses the impact of the virus outbreak, and “future utilization of easing space will be carried out at the right timing.”

David Sumual, chief economist of PT Bank Central Asia in Jakarta, said if the situation worsens, “the government may opt to stimulate the economy via a more aggressive fiscal policy, since doubts remain over the efficacy of monetary easing amid tepid loan demand.”

In Singapore, which has confirmed 18 cases of coronavirus, authorities are bracing for an economic hit that may be worse than the SARS outbreak in 2003. The government has halted travel from China, where about 20% of the city-state’s international visitors come from. The Feb. 18 budget will likely provide support measures for industries like tourism and transport, and economists — including from JP Morgan Chase & Co. and Citigroup, Inc. — see a higher risk that the Monetary Authority of Singapore will ease policy in April. — Bloomberg

Which were the Philippines’ most profitable companies in 2018?

February 5, 2020 | 12:30 am

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